Canada’s Wheat and Canola Stocks Surge Amid Export Shifts

The rise in wheat stocks was fueled primarily by a 7.2% jump in on-farm storage, which reached 24.1 million tons. While commercial inventories dipped slightly, the sector saw record-breaking activity elsewhere. According to the agency, off-farm deliveries surged to an all-time high of 17.1 million tons, surpassing the previous record set in 2024, while wheat exports climbed nearly 8% to hit a record 12.1 million tons.

Canola inventories saw even more dramatic growth, jumping 18.1% to 15.6 million tons. This surplus was largely a result of increased production in 2025, which bolstered total supplies to 23.5 million tons. However, the domestic stockpile grew as international demand softened; Canadian canola exports plummeted by 36.1% to 2.8 million tons following the imposition of steep import duties by China.

Declines in Eastern Canadian Output

In contrast to the bounty in the Prairies, soybean stocks fell sharply, dropping 26.6% to 3.2 million tons. The decline follows a 10.7% contraction in production across Eastern Canada during the 2025 crop year. Corn for grain followed a similar downward trajectory, with total stocks easing 3.3% to end the year at 10.9 million tons, the report states.

Key inventory shifts as of December 31 include:

• Wheat: 27.5 million metric tons (up 5.9%)
• Canola: 15.6 million metric tons (up 18.1%)
• Soybeans: 3.2 million metric tons (down 26.6%)
• Corn for grain: 10.9 million metric tons (down 3.3%)